Filtered orthogonal frequency division multiplexing (F-OFDM) is one of the most prominent waveform candidates when it comes to fifth-generation (5G) wireless communication and beyond. This paper analyzes the performance of the F-OFDM system in terms of the peak-to-average power ratio (PAPR) and bit error rate (BER). The F-OFDM system exhibits a high PAPR, which introduces earnest deterioration in its performance. Consequently, an efficient PAPR-reduction technique has been recommended to reduce the effect of the high value of PAPR of the F-OFDM system. The prospective two-piecewise companding (TPWC) scheme effectively reduces the peak power by analyzing large and small amplitudes individually, so its outcome has both piecewise linear and continuous characteristics. The performances of different PAPR reduction techniques are compared in terms of PAPR complementary cumulative distribution functions and BERs. It is shown that the proposed TPWC transform can significantly reduce PAPR with reduced computational complexity compared with conventional companding techniques.INDEX TERMS Peak-to-average power ratio (PAPR), Companding techniques, Filtered-OFDM, Two-Piece-wise linear companding technique, 5G